Hightimes Holding Corp., the parent company of High Times Magazine, has agreed to immediately convert approximately $25.6 million of convertible 12 percent Hightimes notes into shares of stock at $11 per share—the same price per share the company’s stock is being offered to the public. As of Tuesday, the company says it’s reduced $28.6 million of existing debt through conversion into stock and warrant exercise, thereby trimming its overall debt burden by more than half.

Additionally, Hightimes Holding’s senior secured lender has agreed that upon completion of the publication’s pending initial public offering, such lender will exercise its warrants and use the exercise price to reduce approximately $3.0 million of Hightimes Holding’s senior secured debt.

“This transaction enables us to simplify our balance sheet and further our business development efforts,” says Adam Levin, Chairman and CEO of High Times. “We are pleased to have the support of some of our largest shareholders as we take this next step in the maturation of our company. The confidence and support of our shareholders will help us to execute on our vision of becoming a dominant player in the cannabis industry.”

To date, Hightimes Holding Corp has raised more than $13,200,000 from its Regulation A+ public offering, from over 15,000 stockholders located around the world. The offering will remain open until January 31, 2019, but the organization may elect to list prior to that.

“We believe in the power of the brand, and are supportive of its growth under Adam’s leadership,” says Eleanora Kennedy, one of Hightimes Holding’s largest investors. “We are especially excited to see the huge signals of confidence coming from the creators, and financiers, that helped develop this brand into what it is today. Our expansion seeks to bridge many of the gaps left open by the legalization movement, and the continued prohibition in some states, and this sign of approval doubles down on our belief that we’re heading in the right direction.”

Hightimes Holding’s Regulation A + offering and debt conversion comes during a time of massive growth for the brand. Having recently acquired DOPE Magazine, CULTURE and Green Rush Daily, Hightimes Holding now provides expansive advertising opportunities for the cannabis industry, offering both national and regional solutions to brands of all sizes. The solutions span across digital, print and live activations.